NIMBLR F2F Momentum & Indecisive Candle Finder
Dec 2, 2020
The NIMBLR F2F Momentum & Indecisive Candle Finder indicator identifies specific price action patterns based on the ratio of the candle body to its total range to highlight potential trend continuations or market pauses.
Usage
The indicator can be used to identify two distinct market states directly on the price chart:
- Momentum (M): Indicated by a green plus sign above the bar. This occurs when the candle body represents a large percentage of the total high-low range, suggesting strong directional conviction.
- Indecision (I): Indicated by a red circle above the bar. This occurs when the candle body is very small relative to the total range (similar to a Doji), suggesting a lack of agreement between buyers and sellers.
Traders often use these signals to confirm breakouts (Momentum) or to anticipate potential reversals or consolidations (Indecision) following a trending move.
Details
The script functions by calculating the absolute difference between the open and close (the body) and comparing it to the absolute difference between the high and low (the total range).
- A Momentum candle is defined when the body is greater than or equal to a user-defined percentage of the total range.
- An Indecision candle is defined when the body is strictly less than a user-defined percentage of the total range.
This methodology is based on concepts shared by Nimblr, focusing on the visual representation of supply and demand dynamics within individual price bars.
Settings
- Percentage for Momentum Candle: Defines the minimum threshold percentage the body must occupy relative to the candle's total range to be classified as Momentum.
- Percentage for Indecision Candle: Defines the maximum threshold percentage the body can occupy relative to the candle's total range to be classified as Indecision.
FAQ
How do I access the NIMBLR F2F Momentum & Indecisive Candle Finder?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
What do the "M" and "I" labels stand for?
"M" stands for Momentum, indicating a strong body relative to the candle range. "I" stands for Indecision, indicating a small body relative to the candle range.
Can I adjust the sensitivity of the signals?
Yes, by increasing the "Percentage for Momentum Candle" setting, you will see fewer, more restrictive momentum signals. Decreasing the "Percentage for Indecision Candle" will result in fewer, more restrictive indecision signals.
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